Cassel, G (1866.10.20-1945.1.15)
Birthplace Stockholm, Sweden.
Posts Held Prof., Stockholm Univ.
Degrees Dr (Maths.) Uppsala Univ., 1895.
Publications Books: 1. Socialpolitik (1902, 1923); 2. The Nature and Necessity of Interest (1903); 3. The Theory of Social Economy (1918, 1932); 4. The World's Monetary Problems (1921).
Articles: 1. `Keynes' General Theory' , Int Lab Rev , 36, June 1937; 2. `The principles of railway rates for passengers', Archiv für Eisenbahnwesen , 1900, repr. in Internat. Econ. Papers , 6, eds. A. T. Peacock, et al . (Macmillan, 1956).
Career Studied economics in Germany and gained his chief fame from The Theory of Social Economy , which was widely sold and translated. This textbook was based on his earlier published papers and presents a simplified version of Walrasian general equilibrium theory. Whilst rejecting utility theory and even marginalism, he still gave his work a thoroughly neoclassical emphasis. He was an important figure in the discussion of German reparations after World War I, wrote extensively on fiscal and monetary problems, and examined the problems of unemployment. He stood out against Keynesian remedies for the depression and rejected the General Theory in a very critical review.
Secondary Literature K. Wicksell, Lectures on Political Economy, vol. 1, App. 1 (Macmillan, 1934); K. G. Landgren, `Cassel, Karl Gustav', International Encyclopedia of the Social Sciences , D. L. Sills (ed.) (Macmillan and Free Press, 1968), vol. 2.


The Rate of Interest, The Bank Rate, and the Stabilization of Prices (socsci.mcmaster.ca) Quarterly Journal of Economics, vol. 42, 1927-28
The Rate of Interest, The Bank Rate, and the Stabilization of Prices (ecn.bris.ac.uk) Quarterly Journal of Economics, vol. 42, 1927-28
The Rate of Interest, The Bank Rate, and the Stabilization of Prices (unimelb.edu.au) Quarterly Journal of Economics, vol. 42, 1927-28


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